It seems to me that shareholders have indicated an unjustified confidence how Auryn is going to act relative to the best interest of Medinah shareholders. I am not of the company of shareholders that believe Auryn is out to “screw” Medinah shareholders. I just believe that Auryn is going to always act and make decisions that are in the best interest of Auryn. That’s just good business. No one should expect anything less. But it so obvious that Auryn has deliberately positioned themselves where they have complete control of our company. Subsequently Medinah shareholders have no recourse or defense relative to any decisions Auryn has made or will make that influence our investment.
For me Auryn’s actions speak louder than anyone trying to convince me that Auryn is going to make business decisions that are in the best interest of Medinah shareholders. For example, they have failed to make timely disclosures as to following through on their timeline as set out in sales agreement regarding any exploration or production efforts on the ADL. They opted out of the joint venture option agreement, and somehow convinced Greg and other members of our BOD to take a purchase agreement that failed to have the following terms in the sales contract. There should have been a cash payment of some amount, a percentage to Medinah of all the revenue produced from mining efforts on the property, any unpaid taxes are to be paid by seller or to deducted from the cash payment, no assessment of cost back to the seller for any exploration, drilling or mining expense. penalties to be assessed in the event the buyer fails to execute the business plan in a timely manner. This entire sales agreement was highly weighed to Auryn’s benefit.
Plus the fact that our Board of Directors passed a resolution to pay themselves one million shares of Auryn stock as compensation for corporate governance. A BOD of Directors filled with appointees by Auryn. Should we have expected anything less? Not a problem for them to be paid, but these shares were set aside to be sold at a later date. Why the urgency? Does anyone have a handle on just how much that is going to cost us relative to our percentage of revenue from future mining efforts on the ADL? IMO it could be substantial and this would only be to the benefit of Auryn.
Only time will tell if my concerns are justified. Until then, I shall continue to hold on to my shares.
